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Author Topic: Why do you trust bitcoin in one sentence.  (Read 4449 times)
realnowhereman
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June 27, 2012, 10:55:17 AM
 #41

I understand the OP his vision on this.
Why should you trust people that claim you should trust in the math it's build on.
I mean the only way you can confirm this is to take a look at the source code.
But what if you cannot read C++?
Well, then you need to trust the people that claim it's alright.

You're right to a degree; you do need a certain amount of trust in someone.  The beauty of bitcoin is that the Satoshi client is not all there is; plus there are customised versions of the client; plus there are those that can read C++ and do look.  You have to believe in a truly massive conspiracy to think that there is a maliciously inserted back door in Bitcoin.  Every single person involved in the conspiracy would need to have an incentive from it; and since that would include miners, and new miners can always joins, that is not a fixed pool.  That means the conspirators would have to be constantly recruiting, and recruiting in secret.

You're right then that we need to trust that the above isn't happening.  It's not an easy leap to make though.

Even given all that though; there is nothing to stop you sitting with the protocol specification, and a hex dump of whatever transactions you thought were dodgy and verifying them by hand.  I'm not suggesting you do; but it's not outside the realms of possibility.  That possibility adds to the unlikelihood of the conspiracy.

But those people will also probably have Bitcoin and won't say Bitcoin is a shitty currency since it's at there own intrest to make Bitcoin look good.

If they're holding bitcoin they have an incentive to ensure there is no back door; and that what they're holding really is secure.  If they discovered it was not; then they could sell their holdings then reveal the insecurity.  There would be no advantage to keeping it secret, since someone else might discover it as well and invalidate their holdings before they can sell them.

In short: bitcoin holder's biggest incentive is not to try to prop up a bad currency; but to ensure that what they do hold really is secure.

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isthisreallife
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June 27, 2012, 11:08:10 AM
 #42

I don't.

But give me time  Grin

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June 27, 2012, 11:11:53 AM
 #43

Free market and no FED.
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June 27, 2012, 11:18:46 AM
 #44

The ability to be "completely" (yes we could discuss this for days) anonymous. I hate knowing that some suit could be looking through my bank transactions at any time.
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June 27, 2012, 12:12:00 PM
 #45

The ability to be "completely" (yes we could discuss this for days) anonymous.
Indeed there's still room for improvement on this. I think it will be much better already when the client allows users to choose which address to send from when performing a transaction (I think I read in some other thread that this feature was coming maybe in 0.7?).

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June 27, 2012, 02:41:49 PM
 #46

I don't.
Me neither. I'll trust it when a concrete solution to blockchain expansion is implemented (I know, it's been discussed quite a lot already and theoretical solutions have been proposed, but that's not enough yet IMO). That part on scalability is scary too:
Quote
At very high transaction rates each block can be over a gigabyte in size. These blocks must be stored somewhere. Whilst for speed it'd be ideal to store the block chain entirely in RAM, for cheapness storing only the hot parts in RAM and the rest on disk is the way to go. A 3 terabyte hard disk costs less than $200 today and will be cheaper still in future, so you'd need one such disk for every 21 days of operation (at 1gb per block).
https://en.bitcoin.it/wiki/Scalability#Storage
Buying a new hard drive every 3 weeks is annoying already, but adding it to the computer sounds even much worse... sounds like after a few months of blocks like that you'd need some funky hardware (NAS or whatever) just to store the blockchain. Clearly not an option...

Max block size is currently 1mb and most blocks are far from full.  So at the moment you looking at 21,000 days before you need a new drive.  By the time this limit has to be raised (probably doubled), hard drive density will have quadrupled at least.

https://www.bitcoin.org/bitcoin.pdf
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June 27, 2012, 02:57:44 PM
 #47

Because the growing list of notables espousing BTCitcoin can't all be wrong.

That, and there's a monthly physical magazine out that I'll seen, held, and read with my own person, created by a guy who...wait for it...eats dog.

~Bruno~
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June 27, 2012, 06:14:37 PM
 #48

I understand the OP his vision on this.
Why should you trust people that claim you should trust in the math it's build on.
I mean the only way you can confirm this is to take a look at the source code.
But what if you cannot read C++?
Well, then you need to trust the people that claim it's alright.
But those people will also probably have Bitcoin and won't say Bitcoin is a shitty currency since it's at there own intrest to make Bitcoin look good.

Right?
I think that if the math Bitcoin was built on was flawed, there'd be even one person who would point it out. While the client's source is a bit above my head, I can go so far as to verify that it matches the whitepaper (minus merkle-tree pruning). And I can read the whitepaper, and it sounds good to me...

So if you can't verify Bitcoin's math, find me one person who has verified that it doesn't work. Bitcoin's userbase is large enough that it encompasses enough people who are competent in C++.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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June 27, 2012, 08:03:44 PM
 #49

because it began on the internet. and i don't really care for government controlled currencies






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muqali
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June 27, 2012, 08:22:47 PM
 #50

I don't.

Same here. *points to sword* this, this you can trust.

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June 27, 2012, 11:48:24 PM
 #51

Independent

PM for Demonoid Invites!
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June 27, 2012, 11:48:31 PM
 #52

better than paypal
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June 27, 2012, 11:52:15 PM
 #53

Because there is no one to trust, so trust is irrelevant.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
finkleshnorts
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June 27, 2012, 11:55:11 PM
 #54

Because of this guy named pirateat40 who makes everyone rich for free
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June 28, 2012, 04:57:56 PM
 #55

I find one sentance too short.

How about some Haiku?

I might trust bitcoin
Other bitcoiners do too
That's ok for now


Or a limerick:

There once was a bitcoiner named Dave
With fiat cash felt like a slave
In Bitcoin he trust
If it never will go bust
He'll have enough coins to save
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June 28, 2012, 05:06:37 PM
 #56

Cryptography keeps it secure, decentralized keeps it from corruption, open source keeps it honest, and limited supply keeps it from inflating.

That is why I trust Bitcoin.

Well said.

I'd add: a community of people who also believe in it.
nimda
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June 28, 2012, 05:13:10 PM
 #57

I find one sentance too short.

How about some Haiku?

I might trust bitcoin
Other bitcoiners do too
That's ok for now


Or a limerick:

There once was a bitcoiner named Dave
With fiat cash felt like a slave
In Bitcoin he trust
If it never will go bust
He'll have enough coins to save

Math math math math math
Bitcoin doesn't require trust
math math math math math

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
fatigue
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June 28, 2012, 05:55:34 PM
 #58

I find one sentance too short.

How about some Haiku?

I might trust bitcoin
Other bitcoiners do too
That's ok for now


Or a limerick:

There once was a bitcoiner named Dave
With fiat cash felt like a slave
In Bitcoin he trust
If it never will go bust
He'll have enough coins to save

Math math math math math
Bitcoin doesn't require trust
math math math math math

+1
Deafboy
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June 28, 2012, 06:10:06 PM
 #59

One currency rule them all
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July 25, 2012, 04:20:09 AM
 #60

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